The Walt Disney Co. unit is selling stations off individually or in small groups, according to a source familiar with the situation who asked to remain anonymous.
Radio Disney has been contacting prospective buyers and has accepted verbal offers, the source said, adding that the company is in the contract stage for some stations.
Only broadcasters are in the current mix of prospective buyers, and there are varying levels of interest for stations on the block, according to the source.
Radio Disney announced in August it would be divesting all but one of its stations as it looks to shift its focus to digital and music-centric programming. The stations on the block include 22 AM stations and one FM station.
While some of Radio Disney's AM stations are reasonably good, some are average at best, according to Larry Patrick, managing partner of Patrick Communications LLC. Some of the stronger stations will get 5 to 6 times their cash flow, but Radio Disney likely paid 10 times or more for its properties, he added.
Patrick said there will be "lots of little buyers," including religious and ethnic players such as Wilkins Radio Network Inc., Salem Communications Corp., Entravision Communications Corp. and Univision Communications Inc. Smaller urban players could also be in the mix, he added.
Altogether, Radio Disney could fetch up to $100 million for its radio stations, Patrick estimated, while cautioning that the price tag is likely to come in lower.
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